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Lenders of Ruchi Soya industries limited asked for rebidding, says Ramdev 

12:51 PM Jun 05, 2018 | Asia News International

New Delhi: Yoga guru Ramdev has said that the lenders of bankruptcy-hit Ruchi Soya Industries Limited have asked for rebidding between two bidders – Patanjali Ayurved and Adani Wilmer. “The Commitee of Creditors (CoC) of Ruchi Soya has asked the contenders to submit fresh bids. There would be rebidding for Ruchi Soya,” Ramdev told media here at an event to promote 120 days fitness festival “Mission Fit India”.

Ramdev, however did not comment much into details on its attempt to acquire Ruchi Soya. The CoC of Ruchi Soya met on May 30 in Mumbai to hold deliberations on bids placed by Patanjali and Adani Wilmer. Representatives of Patanjali and Adani Wilmer also attended the meeting.

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Patanjali is the highest bidder of Ruchi Soya, as in the May 15 meeting, Ramdev appeared before CoC and increased the bid amount by around 25 percent, sources revealed. On December 15 2017, Ruchi Soya entered into the Corporate Insolvency Resolution Process (CIRP).

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Financial Creditors Standard Chartered Bank and DBS Bank Limited have initiated Insolvency proceedings against the company. Ruchi is the market leader in the edible oils, as well as soya foods categories. The edible oil range includes many top brands like Mahakosh Soyabean oil, Ruchi Gold Palmolein and Sunrich sunflower oil.

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